I have £15 a month to save for a 40th B/day party in three years

billy_allen

Hi

I have done plenty of reading here, there and everywhere and I just don't know. Isas, Regular Saver, I just can't work it out.

I want to start now as the birthday is in under 4 years, so I either need a 3yr Isa I can contribute to monthly that cannot be touched or a Regular Saver account.

It must be £15 a month, as even if I hit hard times, £15 would be a sensible amount to have going out.


Any links to the accounts would be appreciated as I am ready to go.

Thanks.

DiggerUK

Billy Allen,
Check this A/C out.

http://www.nandp.co.uk/savings/regular-savings.asp

Dagobert

A list of all high interest regular savers: Regular Savings Accounts: The Best Currently Available List!

billy_allen

Hi

Many thanks for the replies.

Additional question, stupid one probably, with ISAs, can you pay in per month or does it need to be a lump sum to start with?

I read it can be from £1 but that can't be right, just £1 for three years would be silly, so I suspect you can do it monthly. Would you get the same benefits as you would with a lump sum to start with?

If it can be done by month, do you lose out?

If I can do an ISA, which is my best option. (3yr terms that I cannot withdraw before from).


You seem a helpful lot, so I think some kind soul will help me.

Reaper

I don't think the type of account you are after exists, or if so I'm not aware of it.

Regular savers tend to only last for 1 year. The N&P one linked to above does last longer but still lets you withdraw money and the interest rate isn't quite as good after the first year.

Fixed term accounts would be better but they are designed for lump sums.

ISAs are good becuase they are tax free. You can usuaully contribute whatever amount you want each month as long as it does not exceed the annual limit (£3600 this year), they are normally instant access.

If you don't trust yourself to leave the money alone I would suggest a notice account. If you have to give 3 months notice to get at the money then at least you won't be tempted to spend it on the spur of the moment. The rates are often better too (not always).

I suggest going to a comparison site and clicking on the various options to see the rates. e.g.
Moneyfacts
MoneySupermarket
etc

billy_allen

I have been having a look, and thanks for your help, and would this be an option? I can't post the link, so I just found out, but the bones of it should explain it.

Principality-Building-Society/3-Year-Fixed-Rate-Cash-ISA-Issue-54-Transfers-

Reaper

It doesn't sound at all suitable based on what you said your requirements are.

You have to save £3600 in one lump sum, no more, no less. You can not contribute any more to it after that, so next tax year you would have to look for a new ISA.

As a rule of thumb anything that says "fixed rate" is for lumps sums and can not be added to later on.